Chinese real estate giant Evergrande has set up a new energy vehicle company with four wholly owned subsidiaries, the latest in a series of moves that sees the company increase its focus on electric cars.

Evergrande New Energy Vehicle Company was established in the southern Chinese city of Guangzhou on Jan. 25 with a registered capital of $2 billion, according to public records. A month later, it changed its name to Evergrande National New Energy Vehicle Group. The company will focus on energy technology research, engineering, and the sale of auto parts.

Prior to setting up its own new EV firm, Evergrande invested in US-based electric car startup Faraday Future. However, the deal led to a months-long spat as Faraday sought an advance on an installment that made up part of Evergrande’s investment. The company refused, later canceling the deal and allowing Faraday to seek investment elsewhere.

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Chris Udemans

Christopher Udemans is a Shanghai-based technology reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.